Tag: starting a business
What are the Benefits of Structuring Your Business As An LLC?
Posted on October 11, 2024
One of the most important early decisions an entrepreneur will make is to decide on the corporate structure of his or her business. The choice of corporate structure will influence many factors tied to a company’s success, operation, and growth. An Illinois business law attorney can advise you on the popular Limited Liability Company (LLC) corporate structure. Here are some of the basics about LLCs and why so many people choose them. Liability Protection As the name suggests, limited liability companies offer owners protection from personal liability if the company […]
When Should an Illinois Business Partnership Agreement Be Updated?
Posted on April 10, 2024
The creation of a business partnership requires careful planning and consideration. A well-drafted partnership agreement is crucial for the smooth operation of a business involving two or more partners. This agreement outlines the responsibilities of partners, profit-sharing ratios, and other essential terms. However, as a business evolves, so do its needs and circumstances, making it imperative to revisit and update the partnership agreement periodically. An attorney with experience drafting, negotiating, and executing partnership agreements and other types of contracts can provide guidance on the best ways to keep critical documents […]
Is Starting a Business Worth it? Ask Yourself These Questions to Find Out
Posted on July 15, 2021
Owning a business is unlike any other “job.” Little compares to watching your hard work and creativity flourish into a thriving business. The financial and personal rewards resulting from business ownership can be great, but starting a business is certainly not for everyone. Most people are familiar with the bleak statistics on startups: More than 20 percent fail in the first year. Half of new businesses fail by the fifth year. Upon learning this information, you may wonder, “Is starting your own business worth it?” To find out if starting […]
What You Should Know About Incurring Startup Debt for Your Business
Posted on October 28, 2020
As a small business owner and a business law attorney, I understand that starting a new business venture requires money—or capital, as it is often called in the in the corporate world. Some new owners fund their fledgling business through investors or with money they have set aside for just that purpose while others take out loans. According to a new study, the type of loans that a business owner takes out may be linked to the future success of his or her company. Business vs. Personal Loans Unless a […]
What You Should Know About Starting a Family Business
Posted on October 20, 2020
As a business law attorney and a business owner, I understand that opportunistic entrepreneurs always have their eyes open for the next “big thing.” They come across a business idea, invest a great deal of money and time into building the idea into a business, then sell the new venture to a larger company for a significant profit—often rather quickly. Other business-oriented individuals are looking for something quite different. They prefer to begin with an idea, build a foundation, grow the idea, and create a sustainable company that can be […]
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